archer daniels midland was accused of stealing money from its customers. in this interview from 2000, author kurt eichenwald reveals how this scandal was complicated when the government learned its source was involved in his own illegal activity. this is the second part in a two-part series. you can watch the first part online at booktv.org. .. about to do, because of his psychological state, that were going to upend their case and ultimately put them in the position of having to go all over the world trying to--trying to put it back together again. c-span: because this is part two, let's go over--of our discussion, let's go over quickly the basics. >> guest: ok. c-span: mark whitacre worked where? >> guest: mark whitacre worked for the archer daniels midland company, which... c-span: based where? >> guest: ... which is based in decatur, illinois. for those who know it, it's--it's usually known for its 'supermarket to the world' advertisements, which you see on, you know, "meet the press" and "this week" and other--other news shows that are heavily watched

>> guest: he is now chairman of the archer daniels midland company. c-span: go back to ground zero again on this. first of all, what is price-fixing, and why is it a crime? >> guest: price-fixing is--the--the easiest way to say it is t--in my mind, it's a betrayal of capitalism. the whole concept of capitalism is that you have a bunch of companies out in the free market competing for your business, and they'll either offer the best product or the best price. that then is supposed to reward the most efficient and the most--th--you know, th--those that do the job the best. when you have price-fixing, that doesn't happen. the power of the consumer is dead because, rather than them competing head to head trying to get your business, they just say, 'forget him. let's sit down and decide what we're going to charge.' c-span: isn't there a famous quote you've got in here that the-about the competitors and the consumers? >> guest: that--that--this is, yeah, the adm quote; that, 'the--the--the competitors are our friends, and the customers are our enemies.' c-s

. >> i likearmer daniels midland. in the commodity business. know they trade all over the world. i think that the commodity craze will be on us in the next five years. >> john? >> not going to happen. what is going to be upon sus higher interest res. they have been moving higher all year, eric. higher on friday. i think security like float liketsl, floating rate fund. anything the benefits from the higher rate. that's where to be. >> great call, especially when what is going on with the ecb in new york. fantastic week. thank you. that's it for cost of freedom block. thank you for joining us. before we go we opened the show explaining the highs president obama and his minions perpetrated on america. they lied about keeping your insurance, lied about premiums, lied about the website and they will surely lie about how many people are enrolling. the whole big thing one big lie. fos, it really speaks volumes about a man's charactewhen he chooses to lie rather than take responsibility. there is one thing that president obama did not lie about, though

. >> others welcome archer daniel midlands investment. >> we are essentially swapping one owner to anotheradm is willing to bring money to invest in dysfunctional up-country facilities in new south wales. if the deal is opposed on political grounds, we are sending a signal to agribusiness investors globally that australia is not open for investment. >> foreign companies are big buyers of australian assets and lands. two cattle farms have been sold to indonesians. block the adm sale and you scare off a big chunk of the market. >> to refuse the application, i think, would be devastating for the message it sends to foreign investors. >> those supporting the sale say foreign owned companies will operate under australian laws, farmland and asset will remain in australia and risksers overstated. >> agriculture is a big chunk of australia economy. deals are scrutinized and farmers hold political sway. the graincorp sale is a test - will the government's free market credentials prevail or defer to junior partners and block the deal. >> police in costa rica arrested six suspected drug dealers d bel

companies, archer daniels midland, carr gill, we subsidize them in the farm bill. $2 billion in grain subsidies. that's money out of our pocket, u.s. taxpayer money, and it subsidizes their cost of producing. so they were able to go to mexico, and they were able to sell corn in mexico at 19% below their cost of production. and so u.s. corn exports to mexico went from two million to ten million tons from 1992 to 2008. pork. the price of pork in mexico of after nafta passed dropped 56%. mexico imported 30,000 tons of pork in 1995, in 2010 it was 8 811,000 tons of pork. the price of meat in supermarkets in mexico, did it go down? no. no. but one company, smithfield foods from the united states, now sells one out of every meal of pork meat eaten by a family living in mexico, 25% of the market in mexico. and as a result of that, mexico lost over 120,000 jobs of people who work on farms raising pigs or who work in slaughterhouses cutting them up. and the systems in mexico that mexico had back in the '60s and the '50s that were designed to help real farmers survive, that bought tobacco from

. >> others welcome the investment of the american company archer daniel midlands. >> we are swapping one owner for another. adm is willing to bring more money to invest in dysfunctional upcoming facilities in new south wales. if the deal is opposed on political grounds, we are sending a signal to agribusiness investors globally that australia is not open for investment. >> foreign companies are bigger buyers of australian farming assets. >> two huge cattle barns have been sold to indonesians. block the adm scale and you scare off a big chunk of the market. >> to refuse the application would be devastating for the message it will send to foreign investors. >> those supporting the sale say companies will operate under australian law. risks are overstated. >> unusually for a developed country agriculture is a chunk of australia economy. deals are scrutinized and farmers hold sway. the graincorp sale is a test. will the free market prevail or will a deal be blocked because foreigners mount a take over >> walmart is not waiting until the halliday seen starts. it's is kicking off online de

and there are a couple of stocks trading to the downside, one being archer daniels midland. the australian government squashed its purchase of a grain corp. for $2.6 billion, caving in to demands of some farmers, so it's down about 2.5% on that news. back to you. >> all right, mary, thank you very much. let's go to sheila at the nasdaq. you're getting pretty comfortable above that 4,000 level, aren't you? >> very comfortable. i mean, take a look at the nasdaq composite at 4,070. fresh 13-year high for the index. today, we are at session highs right now, so looking for a very strong close. now, a big part of today's gains has to do with large-cap tech. apple, seeing a nice lift. we've seen this uptrend all week, and we're continuing that today. it is beyond the 550 level, which is one we haven't seen since january. take a look at microsoft and yahoo! as well, showing solid gains. biotech, this has been such a big winner on the nasdaq, hitting yet another record today for the nasdaq biotech index. today seeing nice gains in vertex pharmaceuticals after a positive analyst resea

a couple of other stocks, archer daniels midland, the company is saying that the australian government to buy product and pulling back a bit. and renren down 4.5%. the dow keeps climbing, though, up 44 points. >> kayla and david, i want to ask you two to opine for a second, if you will and you can clo choose to pass or avoid. >> and there's no pink floyd reference? >> no. >> you keep making the absurd statement if earnings will rise, they will rise unless they fall, earnings don't rise anymore. this is a fed-induced bubble. to say anything different is silly. >> so some think that it's 100% of the rally that we've seen is from the fed. i think some of it is from the fed but 100%? what do you think? >> the asset managers i spoke to are focused on the taper, coupled with a rising multiple and the question as to whether corporate america can continue to justify that by deliverings earnings next year. i think it's a valid concern. >> but i think we've reached a point where you have to talk about revenues because companies have become so efficient, they're using excess cash to buy back thei

australia blocks archer daniel midla midland's bid saying it's not in the nation's interest. >>> standard poors have cut its ratings on the netherlands. it has kept the nation's outlook stable adding the nation's growth prospects were weaker than expected. it raised that country's sovereign credit rating and revised its outlook on spain from stable to negative. joining us for more was moritz kraemer. moritz, good to speak to you. thank you very much for joining us. >> good morning to you. >> talk to us about your concern about the netherlands and the core reason for this ratings drop and why you've actually then put an outlook on stable. >> well, before starting talking about the downgrade, i think i want to reiterate and remind the viewers that the rating is aa plus, which is the second highest on a scale of 21. so i encourage everyone to contemplate that rather than just the action down. but what drove the downgrade this morning, as you pointed out in your trailer, we think that the key factor here to watch is the growth potential of the netherlands. we see that those in recent history

cbs danielle knotting ham report on this. >> reporter: midland texas, sunday morning, the slick conditions close highways. >> never seen it like this. >> reporter: many people were caught unprepared. >> i have not had to scrape ice off the windows in a long time. >> reporter: the massive storm system that hit texas is making conditions miserable in parts of new mexico and southwest oklahoma where up to a foot of snow fell. flight delays are growing across the southwest. try. >> they say it is going to get worse tonight. i am hoping that in -- and in dallas, too. a winter storm warning posted on monday. they say people here can expect a dangerous mix of sleet and freezing rain. >> reporter: in amarillo, texas, heavy snow fell overnight, making driving treacherous. the police responded to more than two dozen accidents in just a few hours. danielle knottingham, dallas, texas. >>> a perfect example why you should take it slow on icy conditions. watch this as this news van fish tails. and it flips over. had this accident in oklahoma city this morning was caught on a dashboard camera by a storm

danielle nottingham with the latest from ft. worth, texas and what it means for travelers this thanksgiving week. >> reporter: a thin coat of ice covered just about everything on sunday morning in midlandxas. the slick conditions, they closed highways and canceled church services. >> we've never seen weather like this. and this is not normal here. >> we haven't had to scrape ice off the windows for a long time. >> reporter: the massive storm system that hit west texas is making conditions miserable in parts of to dallas. >> they say that it will be getting worse tonight. but i'm hoping that it will be in dallas too. >> reporter: a winter storm warning is posted ins dallas ft. worth area until noon on monday as people here, they can expect a dangerous mix of the sleet and freezing rain. >> reporter: and now about 30 trucks, they're on the streets of dallas, spreading sand on the overpasses and the bridges. the officials, they expect the roads to get slick as the temperatures drop overnight. danielle nottingham, cbs news, fort worth, texas. >> the storm could bring heavier rain to the southeast on tuesday and then turn north and move up the east coast. possibly affecting travel on throug

archer daniels midland was accused of stealing money from its customers. in this interview from 2000, author kurt eichenwald reveals how this scandal was complicated when the government learned its source was involved in his own illegal activity. this is the second part in a two-part series. you can watch the first part online at booktv.org. ..